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Securities and Exchange Broad of India

Circular

CIR/MIRSD/20/2011,

Dated-  September 12, 2011

Sub: Redressal of investor grievances against Depository Participants (DPs) in  SEBI Complaints Redress System (SCORES)

1. SEBI has commenced processing of investor grievances in a centralized web-based complaints redressal system, ‘SCORES’. The salient features of this system are:

  • Centralized database of all complaints;
  • Online movement of complaints to the concerned entities;
  • Online upload of Action Taken Reports (ATRs) by the concerned entities; and
  • Online tracking of status of complaints by investors.

2. The investor grievances received by SEBI against DPs will be taken up electronically with the concerned Depositories through SCORES (https://scores.gov.in/Admin). The Depositories shall, in turn, take up the matter with the concerned DPs.

3. The DPs shall take adequate steps for redressal of grievances within one month from the date of receipt of the complaint and keep the investor/Depositories duly informed of the action taken thereon. Failure to comply with the said requirement will render the DP liable for penal action.

4. The Depositories shall:

a) put in place a suitable mechanism to follow up with the DPs, wherever necessary;

b) devise a system to levy penalty on DPs for any non-compliance with the requirements specified in para 3 above;

c) update the status of the complaints in SCORES, at every stage, along with supporting documents; and

d) ensure that the status of investor complaints disclosed on their websites is in conformity with the status updated in SCORES.

5. The Depositories are advised to:

a) issue necessary instructions to bring the provisions of this circular to the notice of their constituents and also disseminate the same on their websites;

b) make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above in co-ordination with one another to achieve uniformity in approach;

c) communicate to SEBI, the status of the implementation of the provisions of this circular in the Monthly Development Report of the following month;

d) monitor the compliance of this circular through half-yearly internal audit and inspections of DPs; and

e) encourage investors to use SCORES for lodging their grievances.

6. This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and shall come into effect from the date of this circular.

7. This circular is available on SEBI website at www.sebi.gov.in under the categories “Legal Framework” and “Circulars”.

Yours faithfully,

Prasanta Mahapatra
Deputy General Manager
022-26449313
[email protected]

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2 Comments

  1. Chandrakant V.Kapshikar says:

    Dear Sir I have demat account with Karvy Trading due to some fraud karvy is not allowed to carry on trading activity. I am Sr.citizen from lower middle class. Sia my Shares Reliance industries 25 nos. and Aurobindo Pharma 15 nos. are still not transferred to demat account . My demat a/c.No.11047987 and trading a/c no.101468 DPID is IN301926. in spite of my frequent reminders nothing has been done. Sir please help, I need money for my medical expenses

  2. SK PATIL says:

    Gentlemen, I am holding Demat account no.s 00229980(Single) & 00231054(Joint with Mrs. NS Patil) with Bank of Maharashtra [DP ID-13013800]. For last 8-9 years, I have not dealt with stocks in said accounts. For activation, I have sent several Mails ([email protected]) after contacting their Pune Deccan Branch. But, I am not getting any response for last few months. I want to transfer BOTH the Demat accounts to my Demat account held in Religare Broking ltd.
    PLEASE ADVICE ME on steps to be taken. Thanks…SK PATIL [9822530530]

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